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NCHRP 20-24(49) â Future Financing Options to Meet Highway and Transit Needs 1-1 1.0 Introduction The objective of this project is to present options for all levels of government to close the highway and transit investment deficits on a sustainable basis. The study was conducted in three phases: ⢠Phase 1 involves establishing the needs and the estimated revenues available at all levels of government; ⢠Phase 2 involves the examination of existing and new financing options that could be used to close the funding shortfall, including their advantages and disadvantages and limitations, such as their stability and yield (ability to maintain purchasing power over time), ease of acceptance and of deployment, and the efficiency of collection, as meas- ured in administrative cost, compliance cost, and evasion levels; and ⢠Phase 3 involves demonstrating what a portfolio of funding options would look like at various levels of government, including methods to maintain the purchasing power of those revenues. This draft final report includes seven parts after this introduction as follows: ⢠Section 2.0 provides estimated needs, revenues, and the shortfall for highways and public transportation for 2007 to 2017. This section differs from most previous needs estimates by dealing with total highway and public transportation needs, whereas the historical needs estimates presented in the U.S. DOTâs Condition and Performance Reports and AASHTOâs Bottom Line Reports have dealt with capital needs. ⢠Section 3.0 presents improved and new revenue options. This is primarily descrip- tive, but includes examples of recent actions taken to enhance revenues. The emphasis in this section is on a full description and categorization of the revenue sources cur- rently used or proposed for highways and public transportation. ⢠Section 4.0 presents a review of current and emerging financing tools that can comple- ment and leverage the revenue sources discussed in Section 3.0. The section also dis- cusses emerging public private partnership opportunities. ⢠Section 5.0 provides a summary evaluation of the potentially promising sources of future revenues. This section provides guidance on the relationship of the sources to the criteria that are commonly applied to the evaluation of transportation revenue sources.
NCHRP 20-24(49) â Future Financing Options to Meet Highway and Transit Needs 1-2 . ⢠Section 6.0 estimates the gap closing potential of the promising revenue measures at all levels of government and evaluates two illustrative packages of funding options including measures to sustain the purchasing power of funding programs. ⢠Section 7.0 is a task added to the original NCHRP request which deals with the impor- tant topic of implementation. Key steps for successful implementation of revenue measures are highlighted and selected state and local case studies for both highway and transit are presented. ⢠Appendices provide details about the forecasts and assumptions. The report is a compilation of the factual material on alternative revenue sources at all levels of government that can be utilized to help to close the gap between needs and avail- able revenues. It also estimates the potential of individual as well as packages of revenue options to close the gap. Finally, the report provides key information on the important topic of what it takes to implement these strategies.
